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Rosetta Resources swings to 3Q profit despite plunge in revenue on lower prices
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HOUSTON - Rosetta Resources Inc. said Friday its revenue fell by nearly half due to lower natural gas prices.
The exploration and production company said it earned $5.7 million, or 11 cents per share, in the quarter ended Sept. 30. That compared with a loss of $99.4 million, or $1.96 per share, in the same period last year, when it took a charge of $129.1 million to write down oil and gas properties.
Revenue was $64.5 million compared with $130 million a year ago.
Analysts surveyed by Thomson Reuters expected the company to earn 10 cents per share last quarter on revenue of $63.7 million.
Production fell 14 percent, mostly due to declines in the Gulf of Mexico and off the Texas shore. But realized gas prices fell by nearly half, further depressing revenue.
Rosetta shares rose 8 cents to $14.15 in regular trading, then fell 30 cents, or 2.1 percent, to $13.85 in extended trading after release of the financial results.
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